WorldRemit launches its digital money transfer service to Albania

WorldRemit customers in over 50 countries can now make fast, secure and low-cost money transfers to all bank accounts and over 60 cash pickup locations across Albania

Tirana and London, 22 November 2018 - Leading digital money transfer serviceWorldRemit continues its rapid expansion across Europe, launching its digital money transfer service to Albania.

Using the WorldRemit app or website, nearly 1.4 million Albanians living in countries such as Greece, Italy and the United States can now send money home quickly and securely to all personal bank accounts and over 60 cash pickup locations across Albania - from Tirana to Berat and from Fier to Korca.

WorldRemit’s mobile-first, digital remittance service is cheaper, faster and lower-cost than traditional offline money transfers. WorldRemit’s low fees and exchange rates are shown up-front and customers can send money in a few taps directly from their phones, without the need for a bricks and mortar agent.

According to the World Bank, Albania received over $1.3 billion in remittances in 2017, accounting for approximately 10% of its GDP. However, the diaspora face high fees when sending money home. According to the World Bank, the average cost of sending remittances to Albania is over 8.3%.

Tamer El-Emary, Chief Commercial Officer at WorldRemit, comments:“We are delighted to launch our digital money transfer service in Albania, a country in which 40% of the population lives abroad.

“We are consolidating our growth in Europe and now operate in over 80% of countries on the continent. Our new bank transfer and cash pickup services will connect 1.4 million Albanians living abroad to our platform and enable them to send money home quickly, securely and at a low-cost.”

WorldRemit customers currently complete more than one million transfers every month from over 50 countries to over 145 destinations.